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Fantom Foundation Security Breach: $657K Lost from Wallets

Oct 20, 2023 at 09:01 am

The misappropriated assets have been swiftly transferred to a wallet harboring roughly $7 million worth of ether.

As outlined by blockchain security expert Certik, the foundation wallets linked to the Fantom blockchain have been completely emptied on both the Ethereum and Fantom networks.

Within the Fantom (FTM) network, the foundation wallet experienced a depletion of $470,000, while on the Ethereum network, an amount of $187,000 was illicitly extracted. This event led to a 4.8% decrease in the FTM valuation, plummeting it to $0.1778.

A Telegram administrator within the community conveyed:

 "A zero-day exploit took advantage of Chrome, resulting in the drainage of several Fantom foundation wallets. The losses incurred by Fantom tally up to hundreds of thousands of dollars, and we are vigilantly monitoring the movement of the lost assets."

The embezzled resources have found their way into a wallet that presently contains an estimated $7 million value in ether (ETH).

Read more: Federal Reserve Governor Bowman Warns of Potential Risks Associated with Digital Dollar

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